Tuesday, May 17, 2016

Qatar First Bank Praises Saudi Arabia’s 2030 Vision and Sets the Ground for a Presence in the Kingdom

Doha, Qatar. - Tuesday, May 17th 2016 [ME NewsWire]Qatar First Bank L.L.C. (QFB),
a leading Shari’ah-compliant bank based in Qatar offering investment
opportunities and innovative financial solutions with local, regional
and international reach, welcomed the Saudi Arabia 2030 vision announced
by Saudi Arabia's Deputy Crown Prince Mohammad bin Salman AlSaud, who
revealed an ambitious plan that includes extensive reforms, designed to
transform the Kingdom into a global investment power house aiming to end
the Kingdom’s reliance on oil as a major driver of the economy.Abdulla Bin Fahad Bin Ghorab
AlMarri, Chairman of QFB noted that Saudi Arabia’s 2030 vision, under
the guidance of King Salman bin Abdulaziz AlSaud, Custodian of the Two
Holy Mosques, and the blessing of Muhammad bin Nayef bin Abdulaziz
AlSaud, the Crown Prince, First Deputy Prime Minister and the Minister
of Interior of Saudi Arabia, is considered the roadmap to the Kingdom’s
development over the next 15 years. This new and bold strategy will
enable the country to achieve a quantum leap in its successful journey
on both economic and developmental levels. The plan will promote foreign
investments from the GCC, neighboring, and global players to enter the
Saudi market.Commenting on the side of the
listing of QFB’s shares on the Qatar Stock Exchange, AlMarri said:“The
2030 vision seeks to build a prosperous economy and a dynamic society
and establish an ambitious nation that explores the great human and
financial potential of the Kingdom. What was announced by Saudi Arabia's
Deputy Crown Prince, Mohammed bin Salman, incentivized whoever shares
this aspiring vision”. AlMarri added:“QFB sits at the forefront of these
ambitious drives, and we will accelerate the execution of our business
plans in the kingdom with the aim to meet the aspirations of our
shareholders and clients in Saudi Arabia.”Al Marri also expressed the bank’s
willingness to explore a presence in Saudi Arabia in light of the new
Vision in order to provide innovative financial solutions and investment
opportunities to shareholders and clients.Reaping the benefits of the Bank’s
strategy launched in 2015, QFB successfully listed all its shares on the
QSE on April27, 2016, following its 7-year operational journey. QFB’s
listing represents another milestone in the Bank’s quest to grow, expand
its offerings and provide a ‘Signature of Excellence' to its clients.
With a clear strategy, highly experienced team, and solid shareholder
base in the GCC region, QFB strives to maintain its role as a trusted
advisor for high-net-worth individuals, corporate and institutional
clients and a gateway to business opportunities in Qatar, the region and
global markets.Despite the challenging global and regional economic conditions, QFB has an attractive pipeline of deals to be completed this year. The bank’s team will continue focusing on identifying and seizing new attractive opportunities, deliver excellence for both private and corporate clients, build a strong brand, and provide shareholders with robust returns.